So....how can over 873,000 people come off the unemployment line......when
there were only a little over 114,000 jobs created?????
How the heck do I know!
BUT, luckily I found a transcript of a conversation between two “eminent
economists” discussing this very question!
COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It’s 7.8%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 14.7%.
COSTELLO: You just said 7.8%.
ABBOTT: 7.8% Unemployed.
COSTELLO: Right 7.8% out of work.
ABBOTT: No, that’s 14.7%.
COSTELLO: Okay, so it’s 14.7% unemployed.
ABBOTT: No, that’s 7.8%.
COSTELLO: WAIT A MINUTE. Is it 7.8% or 14.7%?
ABBOTT: 7.8% are unemployed. 14.7% are out of work.
COSTELLO: IF you are out of work you are unemployed.
ABBOTT: No, Obama said you can’t count the “Out of Work” as the unemployed.
You have to look for work to be unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss his point.
COSTELLO: What point?
ABBOTT: Someone who doesn’t look for work can’t be counted with those who
look for work. It wouldn’t be fair.
COSTELLO: To whom?
ABBOTT: The unemployed.
COSTELLO: But they are ALL out of work.
ABBOTT: No, the unemployed are actively looking for work. Those who are out
of work gave up looking and if you give up, you are no longer in the ranks
of the unemployed.
COSTELLO: So if you’re off the unemployment roles that would count as less
unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO: The unemployment just goes down because you don’t look for work?
ABBOTT: Absolutely it goes down. That’s how Obama gets it to 7.8%. Otherwise
it would be 14.7%. He doesn’t want you to read about 14.7% unemployment.
COSTELLO: That would be tough on his reelection.
ABBOTT: Absolutely.
COSTELLO: Wait, I got a question for you. That means there are two ways to
bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
ABBOTT: Correct.
COSTELLO: And unemployment can also go down if you stop looking for a job?
ABBOTT: Bingo.
COSTELLO: So there are two ways to bring unemployment down, and the easier
of the two is to have Obama’s supporters stop looking for work.
ABBOTT: Now you’re thinking like the Obama Economy Czar.
COSTELLO: I don’t even know what the hell I just said!
ABBOTT: Now you’re thinking like Obama.
You were busy - but I must ask you to change your 7.8 to 11, and your 14 to 20.
That is more accurate, and that IMO is the crux of the issue.
Somebody needs to film your Who's On First transcript (in black & white with the Abbott character in a St. Louis Wolves uniform.